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South Korea Set To Ban Cryptocurrency

January 11, 2018 2:57 PM
21 0
South Korea Set To Ban Cryptocurrency

The South Korean government on Thursday though Justice Minister Perk Sang-KI said it plans to ban cryptocurrency trading.

The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymaker around the world struggled to regulate an asset whose value skyrocketed in 2017.

Sang-ki said the government is preparing a bill to ban trading of the virtual currency on domestic exchanges.

“There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” said Park at a press conference, according to the ministry’s press office.

A press official said the proposed ban on cryptocurrency trading was announced after “enough discussion” with other government agencies including the nation’s finance ministry and financial regulators.

Once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years.

The government’s tough stance triggered a selloff of the cyrptocurrency on both local and offshore exchanges.

Source: osundefender.com

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